Report published August 31, 2026
Goldman Sachs: China Official Manufacturing and Non-Manufacturing PMI Review (August 2026)
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 31, 2026
- Analysis as of
- Not stated in source
Authors / editors: Yuting Yang, Andrew Tilton, Hui Shan, Lisheng Wang, Xinquan Chen, Chelsea Song
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
China's official NBS manufacturing PMI rose to 49.8 in August from 49.2 in July, beating expectations, while the non-manufacturing PMI remained broadly unchanged at 49.0. Overall, economic activity across manufacturing, services, and construction remains subdued and in contraction territory.
Key Takeaways
- 1.China's official NBS manufacturing PMI rose to 49.8 in August from 49.2 in July, exceeding market consensus and GS forecasts, driven by gains in new orders and output sub-indexes.
- 2.The official non-manufacturing PMI remained roughly flat at 49.0, with services steady at 49.3 and construction easing to 46.9 amid adverse weather conditions.
- 3.Manufacturing price sub-indexes rebounded on higher crude oil and non-ferrous metal prices, but input prices continue to outpace output prices, keeping profit margins under pressure.
Table of Contents
- Bottom line:
- Key numbers:
- Main points:
- Exhibit 1: NBS manufacturing PMI rose in August
- Exhibit 2: Both output and input price sub-indexes of the NBS manufacturing PMI rose in August
- Exhibit 3: NBS non-manufacturing PMI stayed roughly flat in August
- The China Economics Team
- Disclosure Appendix
Report data
Exhibit 1: NBS manufacturing PMI rose in August
| Metric | Estimate | Context |
|---|---|---|
| China NBS Manufacturing PMI | 49.8 index | China official manufacturing headline PMI |
| China NBS Non-Manufacturing PMI | 49.0 index | China official non-manufacturing headline PMI |
| Manufacturing New Orders Sub-Index | 50.6 index | Major sub-index of NBS manufacturing PMI |
| Manufacturing Output Sub-Index | 50.4 index | Major sub-index of NBS manufacturing PMI |
| Manufacturing Input Price Sub-Index | 56.6 index | NBS manufacturing PMI input prices |
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Authors / Editors
Reported Data Context
- China NBS Manufacturing PMI: 49.8 index (2026-08) · Source: NBS
- China NBS Non-Manufacturing PMI: 49.0 index (2026-08) · Source: NBS
- Manufacturing New Orders Sub-Index: 50.6 index (2026-08) · Source: NBS
- Manufacturing Output Sub-Index: 50.4 index (2026-08) · Source: NBS
- Manufacturing Input Price Sub-Index: 56.6 index (2026-08) · Source: NBS
Themes
Regions
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